What is the derivation of Simple Interest formula ?
Answers
Answered by
3
We are given the principal amount, P = $3,000, the interest, I = 33.00, and the loan period in years is t = 1. The interest rate is determined from the simple interest formula, I = Prt, solving for r: Therefore, the annual simple interest rate is 1.1%
biswajitrout99:
No I want the derivation not application.
Please explain me .
ok
The formula for finding the simple interest, I is given below:

Where:
P is the principal (the amount of money borrowed)
r is the interest rate (per year or per annum)
t is the loan duration in years

Where:
P is the principal (the amount of money borrowed)
r is the interest rate (per year or per annum)
t is the loan duration in years
Answered by
2
Answer: S.I = (P × R × T)/100
Formula for calculating amount is A = P + I
Step-by-step explanation: Simple Interest Equation (Principal + Interest)
A = P(1 + rt)
Where:
A = Total Accrued Amount (principal + interest)P = Principal AmountI = Interest Amountr = Rate of Interest per year in decimal; r = R/100R = Rate of Interest per year as a percent; R = r * 100t = Time Period involved in months or years
Read more on Brainly.in - https://brainly.in/question/2937543#readmore
Similar questions